48.12.164 - Credit for reinsurance -- Accounting or financial statement -- After December 31, 1996. - Washington Statutes

Credit for reinsurance — Accounting or financial statement — After December 31, 1996.

Credit for reinsurance, as either an asset or a deduction, is prohibited in an accounting or financial statement of the ceding insurer in respect to the reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer against all or a part of the loss or liability arising out of the original insurance. This section only applies to those reinsurance contracts entered into after December 31, 1996.

[1997 c 379 § 5.]

Notes: Purpose -- Intent -- 1997 c 379: See note following RCW 48.12.156.